The new strategy for the government’s Cyprus Investment Promotion Agency (CIPA) for the 2017-2020 period will include promotion and incentives to attract investors in the audio-visual sector, innovation, investment funds and start-ups.

Outgoing CIPA Chairman Christodoulos Angastiniotis, who leaves after being elected President of the Cyprus Chamber of Commerce and Industry, addressed the Agency annual meeting and referred to the “limited resources and executive powers, particularly in comparison to corresponding organisations of competing investment destinations.”

He said that 2016, the year under review at the AGM, coincided with important developments, such as increased investment interest in all productive sectors and the emergence of significant alternative sectors such as investment funds, the number of which is rising at an impressive rate of around 18%. Other positive developments cited were the keen interest from multinationals active in Cyprus in the past years which are expanding their presence, the successive upgrades from the rating agencies and GDP growth.

Another important indication of the success of CIPA’s work was Cyprus being ranked as the second most rapidly developing nation brand in 2017 after Iceland by Brand Finance consultancy, he noted. All these “seal Cyprus’ positive course in attracting foreign investments and translate into a record increase of 9.1% in 2016 compared to the previous year,” he said.